AT&T’s exclusive deal as the sole service provider for Apple’s iPhone is history. With much fanfare, Verizon confirmed the rumors that have been percolating online and in the media. The new Verizon iPhone will be a CDMA model, allowing it to run on their network.

Users won’t be able to get voice and data connections at the same time and the phone isn’t the best option for world travelers, since GSM is the primary standard outside of North America. But the trade-off may mean fewer dropped calls, better coverage and clearer service.

For customers who can afford to wait out their contract with AT&T, their reward may be Verizon’s next generation LTE iPhone that will utilize their 4G network and offer all of the features of the iPhone 4. Of course, we’re already hearing rumors of the upcoming iPhone 5, so that may change the game yet again.